I am of the understanding that an Economy is broken down as follows:
Each Economy being made up of Sectors, which in turn, are made up of Industries.
Simply put, what defines a Sector? I understand that it is the broad categorisation of its associated Industries but is there some kind of universal criteria that need to be met for a term to be viewed as a Sector?
I say criteria, as I come across many interpretations of what a Sector is. For example, some sources state that a Sector is made up as follows:
Other sources then approach sectors from a sense of ownership as follows:
- Public/State Sector;
- Private Sector;
- Voluntary Sector.
Then there are the other sources who look at Sectors from the view of a Broad Categorisation of Products/Services. For example:
As well as terms seemingly being used interchangeably, it also appears that some sources see Sectors as Industries and vice versa.
Any clarity, on the differentiation, would be greatly appreciated.